Azerbaijani oil price increases

The price of one barrel of Azerbaijan's "Azeri Light" oil has increased by $0.77 or 0.91%, reaching $85.75 on the world market, Azernews reports.

The price of Brent oil for September futures was $81.10.

In Azerbaijan's current state budget, the average price of one barrel of oil is calculated at $75.

It should be noted that the lowest price of "Azeri Light" oil was recorded on April 21, 2020, at $15.81, and the highest price was recorded in July 2008, at $149.66. In Azerbaijan, oil is mainly produced under the contract for the development of the "Azeri-Chirag-Gunashli" (ACG) block of fields. The State Oil Company of Azerbaijan (SOCAR) holds a 25% share in the contract.